A report by LVR stated that the median property price in Southern Nevada increased by 26.7% to $460,000 in March 2022.
With many analysts indicating that this trend is not going to slow down anytime soon, it may be the best time to invest in Las Vegas real estate.
If you are on the fence about investing in Las Vegas real estate, read on to learn why now is the perfect time to invest.
The State of the Property Market in Las Vegas
Despite the increase in prices in the Las Vegas real estate market, the average price is still around $460,000. When comparing this price with the average property price in Los Angeles ($600,000) and New York City ($1,000,000), it shows that there is still significant room for growth.
3 Reasons Why You Should Invest in Las Vegas Real Estate Today
The Las Vegas real estate market is booming. However, if you are still doubtful about investing in Las Vegas real estate, here are three reasons why you should invest today.
1. Las Vegas Property is Still Cheap
While you may be reading all the headlines about how well the property market is doing in Nevada, the general property prices in Las Vegas are still considerably lower than in other metropolitan cities in the United States. This gives you the perfect opportunity to get in while the prices are still relatively low.
2. Las Vegas is Diversifying
Las Vegas is slowly becoming more than just the legendary strip. Its tax-friendly status has attracted people from around the country to call the state their new home. With this, developments in real estate, retail, and other sectors of the local economy are seeing a significant boost.
3. Take Advantage of Nevada's Lower Taxes
The property and income tax rates in Nevada are some of the lowest in the United States. Although we are all aware of the 0% income tax rate in Nevada, the property tax rate is 0.53% which is lower than the national average of 1.07%.
How to Invest in Real Estate Las Vegas
If you are thinking of investing in real estate in Las Vegas, here are a few of the best ways to start the journey:
- Research - When looking to invest in real estate, spend some time researching the different neighborhoods to find one with potential. Once you like the neighborhood, start looking for a property that may be undervalued to make the most of your investment.
- Get pre-approved - As soon as you know that you are going to invest in real estate, get pre-approved. This can save you so much time during the purchasing process and make sure that you never miss an opportunity.
- Partner with a real estate management company - Although you may think real estate investing is complicated, Las Vegas real estate agents like Blackbird are there to make your life easier. From property accounting to managing inherited property, they make everything easy.
Whether you are just curious about getting into property or need some assistance investing and managing your real estate investment, partnering with an experienced real estate management company can help you every step of the way.
For Experienced Advice on Property in Las Vegas, Contact Blackbird Today
When it comes to investing and managing real estate, it does not need to be complicated. With the right partner, you can invest in real estate and expand your portfolio in no time.
Blackbird Realty and Management is experienced in a wide range of property management services to help you save time and get things done.
For tenant screening, property inspections, and even rental collection, feel free to contact us today.